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Market Update

India Movers: Diageo Lifts United Spirit Offer, Infosys Profit Jumps

Author: Mukesh Buch
Last Update: 9:41 AM ET April 15 2014

6:00 PM Mumbai CMC net soared 27% and revenue jumped 11%. Clariant Chemicals sold its 87 acres in Thane for Rs 1,154.25 crore. GRUH Finance profit climbed 17%. Infosys profit increased 4% but revenue fell and lifted its outlook. IStreet Network plans to raise Rs 100 crore.

The Sensex Index dropped 144.03 or 0.6% to close at 22,484.93. The CNX Nifty fell 43.20 to close at 6,733.10.

Gainers & Losers

CMC Limited 0.2% to Rs 1,521.45 after net profit in the fourth-quarter soared 26.8% to Rs 89.43 crore and total revenue jumped 11.1% to Rs 623.21 crore.

Clariant Chemicals (India) Ltd soared 6.1% to Rs 700.15 after the company sold 87 acres of land in Thane to a unit of Lodha Developers for Rs 1,154.25 crore.

GRUH Finance Ltd surged 14.4% to Rs 357.65 after net profit in the fourth-quarter climbed 16.7% to Rs 73.60 crore and total revenue soared 31% to Rs 254.42 crore.

For the year, the lender said there are no net non-performing assets compared to Rs 2.70 crore (0.05% of the loan assets) in the year ago.

Housing loans issued in the year increased to Rs 2,577 crore from Rs 2,174 crore and total loans outstanding jumped to Rs 7,009.04 from Rs 5,437.80 crore a year earlier.

Infosys Ltd rose 0.8% to Rs 3,260.45 after net profit in the fourth-quarter increased 4.1% to Rs 2,992 crore but total revenues fell 1.2% to Rs 12,875 crore.

For the year, net profit climbed 13% to Rs 10,648 crore and revenues surged 24.2% to Rs 50,133 crore.

Infosys forecasted its revenue growth between 7% and 9% in the current fiscal year 2015 in dollar terms and 5.6% to 7.6% in rupee terms. The guidance in rupee terms is based on exchange rate of Rs 60 to a dollar.

IStreet Network gained 1.9% to Rs 5.90 after the e-commerce operator plans to raise Rs 100 crore to expand its retail store network and to open 1,100 stores called iStreet Bazaar.

United Spirits Ltd soared 11.6% to Rs 2,853.15 after the U.K.-based Diageo Plc revised its offer to increase its stake to 55% from 26% for as much as $1.9 billion.

The offer was at Rs 3,030 per share that would be a premium of 18.4% to the last closing price of the stock.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc